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is cutting 1300 jobs as part of a 750 million euro cost-cutting program. >> it is germany's third biggest power company. most of the job losses will be among support and administrative staff. the company has struggled financially from having to shut down to below of its nuclear reactors over safety fears in the wake of the fukushima disaster. >> ratings agency standard and poor's has downgraded cypress again. its sovereign debt already has junk status. now it has gone down two more notches. >> cypress says it needs a decision on an international bailout within days to avoid a default. international monetary fund says talks are unlikely to be concluded this year. it needs the bailout to save its banks, which are heavily exposed to greet debt. well, germans are losing their appetite for spending money. consumer confidence has fallen for the second month in a row according to market research group gfk. >> they polled 2000 german shoppers and on the 0 digit overall economic picture, their own financial outlook, and plans to shell out cash for big-ticket items this christmas. they concluded th
. carmaker opel halts production at one of its biggest plants in germany. >> and will he or won't he -- mario monti's back and forth on resignation casts uncertainty over italy's economic and political future. >> we begin the show with what has been a day of celebration for the european union. >> the three senior figures representing the eu have been in the norwegian capital, oslo, to collect the nobel peace prize. it was awarded to the 27-member bloc for six decades of promoting peace, democracy, and human rights. >> however, not everyone is happy. some have asked whether the price is justified at that time when the eu is mired in economic and financial -- the prize is justified at that time when the eu is mired in economic and financial crisis. desmond tutu says it is an organization based on military force. >> coveted award was accepted with pride by the eu's 3 president, martin schulz, herman van rompuy, and jose manuel barroso. the standing ovation they received was a rare accolade for the eu in these tough economic times. >> in light of the financial crisis that is affecting so many inn
. >> absolutely. the message is also very clear. we are here because we follow policies dictated by germany. therefore, italy should come out of the straight jacket. this is the message that berlusconi is sending to italians and actually, i think, it's a message that he will use for our campaigns. >> how much support will he get if he's at 15% right now in the polls 12347. >> my concern is that he could actually create some allians with other -- with the populist leaders. there is a lot of discontent and it's quite easy to capture the discontent. it would provide a majority for ruining the country, for governing the country, but it will not enough to destabilize the debate. they say the p.w. trust say that 30% now say the euro has been a good thing in italy. i don't know whether you back that sort of trust. >> oolt r it's how you present it. there is a clear fact that going down economically for a long time. it hasn't had good growth in more than a decade. so more now are in the face in malaise. at the moment, we don't see that. >> what do you take for investors? >> we've already had issues
warned of a possible recession in germany. central bank cutting its growth forecast for the eurozone's biggest economy and that expects growth to reach just 0.4% in 2013. a big cut from previous forecasts of 1% and 1.6%. there's also no political crisis in italy by the way. support has been withdrawn for the group run by monti. berlusconi hinted he may return to politics after stepping down last year. claudia joins us in milan. a number of reports suggested this may not upset investors too much just because we were going to have elections anyway, it doesn't bring it forward a lot earlier. is that the sense that you're getting? >> yes, it doesn't really change in terms of the timing. it just gives you an idea, though, of where berlusconi stands and what the situation is like within that central right next. the pdl has made it clear that there is a serious disagreement within the party. they were set to go forward with some primaries which is what the center left did to elect their candidate. and now that berlusconi has abruptly announced that he's going back, that tells you there is a
markets incidentally, too. bond markets, the fixed income markets, here we're seeing buying in germany at the moment and 10-year german bund around 3%. a little bit of buying into the gild as well as some of the safe haven trades back on. we have this italian bond auction. the first one is going to be settled in 2013 and the last one in this year, as well. it's thought that it is going to see solid demand given that it hasn't gotten any trouble getting off the ground as of late with those bond auctions, as well. a quick wrap on the forex market. here you're looking at selling in the euro/dollar right now. 1.3190. we're flirting with the high level of this trading range that we've been stuck in. dollar/yen, it's thought when this new japanese government coming into place, they're simulating the economy and to make sure a weaker yen is in place, as well. kelly. >> louisa, thanks. we're keeping an eye on gold today. could the precious metal be losing its luster come 2013? we'll find out why kuts has decided to cut exposure to the precious metal for the first time. >>> hello, everybody. we
's germany. other countries, which have reduced carbon emissions have done so because their economies have collapsed, places like russia, eastern europe. and for the rest of the world growth has basically meant increases in carbon. so the idea that comes from mainstream economics that you can decouple carbon from the size of the economy is not at all born out over the last 20 years. >> it's born out of germany. if someone can do it, it can be done, right? is that the answer? >> well, they've had very little slow gdp growth. and there they are an unusual economy. they've been able to export a lot of their -- big export surplus. >> everyone want to be germany. in the future, we will all be net exporters. >> can i make what is going to sound in this context like the naive case for growth and remind us why -- >> i want you to. >> why it's actually important? so, you know, let's stipulate yes, climate change is really important and, yes, juliet is absolutely right. it's really hard to do both at the same time but we have to be really careful to sort of -- it can be easy to say, let's forget abo
jobs may stall out at a gm plant in germany. the u.s. automaker is out with plans to stop making its zafiras at its opel division in 2016. gm, however, is considering other options for the factory to stymie job losses. the carmaker is attempting to put the brakes on its losses in europe. the plant shutdown becomes the first for germany since world war ii. italian bond yields headed higher following news that prime minister mario monti plans to resign. monti's reign will come to an end in february, following passage of the 2013 budget. the move raises political concerns over italy in the midst of the eurozone crisis. monti has been credited with keeping italy's debt crisis under control. the japanese economy has some gross domestic problems. japan's gdp has contracted two quarters in a row, signaling it has entered recession. a recent territorial dispute with the chinese government and struggles following last year's tsunami continue to hurt japan's export market. an election next week in japan could have a large effect on fiscal policy. reports say delta is close to landing a deal th
to get the latest news. looking for confidence out of germany's ifo survey. if we can put it up on the screen, that would be a help as i'm working to get it up at the moment. as soon as we get the numbers on that front, i will bring them to you. looks like we're still waiting on that. in the meantime, send in your thoughts, questions and comments about the program to worldwide@cnbc.com. and the biggest news of the morning, we have a deal. after 14 hours of talkes and months of negotiations, an agreement has been reached on a pan european banking supervisor. european finance ministers say they've drawn up plans to allow the ecb to directly supervisor the three largest banks in each country except for the uk and sweden which have both opted out. european leaders need to give their seal of approval and silvia wadhwa is in brussels with the latest. sylvia, it sounds like the meeting went into the late hours of the night. it sounds like the uk and sweden got their way. how significant is this agreement? >> the early hours of the morning. one may wonder whether that's good news for sw
. among those closed include spain and germany. we're start with asia. shanghai composite is the outperformer. you saw up 1.6% there. here is a list of the markets closed across europe. germany, switzerland, germany and austria. for the bourses that are open, we can take a look at performance this morning and then we'll take a look over at the bond wall. the ftse 100 is down about .4%. ibex down .5%. not a clear picture. definitely mixed trade as people look to close out the year. the bond wall gives the sense for what kind of wall dominates. we're seeing bond yields move higher. investors are exiting the asset class today. italy around the 4.5% level. we've seen these predominant for several weeks and likely a quick check on forrus. the yen, an important one to keep an eye on, as well. dollar/yen firmer, continuing the patterns that we've seen over the last couple of trading sessions. for more on what to expect from markets today, we're joined by chris meyer, managing director and chief strategist from loop capital markets. chris, good morning. we wake up without a deal.
processing firms are leading the recovery. >>> and germany's latest exports seems to be recession proof. it's a tradition dating back to the middle ages, but germany's christmas markets are more popular than ever. nbc's andy eckh artson sends this report. >> every december, music rix out across girlny's favorite christmas market. berlin alone hosts more than 80 markets, each with its own character where the sights, sounds and smells of christmas combine to keep your financial crisis at bay. >> we don't feel a crisis. when you look around here at the christmas market, you meet so different people from germany and it's so popular to come to berlin. christmas season is present season. >> over the past 20 years, germany's christmas markets have become a big attraction and big business. analysts estimate that the german christmas market industry brings in billions of dollars annually. for many small businesses and traditional craftsmen, the markets are the main source of income for the year. makia, one of only ten mammoth ivory carvers in germany has seen his annual turnover grow since 2003. eve
to get the latest results from germany's survey any second now. in the meantime, i can can bring you news. for example, on industrial orders and sales in italy, orders flat on the month, down .2 on the month for sales and down nearly 5% on the year. so confirming some of the weakness that we know we've seen previously in the italian economy. meanwhile, another gauge perhaps for the euro as we look to the strength of it lately. that's the current counselor plus which in october was an adjusted 3.9 billion euros, up quite a bit from the 2.5 billion reported for september. now that also comes after -- a day after the european union's report suggesting that in fact the european union would have to run a surplus, given its poor demographics over the next couple of years. now let's get a quick preview of the news. for that we head to patricia, awaiting the results. what do we expect to see? >> reporter: we're expecting the second consecutive month to the upside for the business sentiment next year in germany. november was a surprise after six months to the downside. we expect december to book i
. an agreement still seems pretty elusive at this moment. germany and french finance ministers have very different views about oversight of banks. and in britain, the chancellor george osbourne delivers his statement to parliament today. will be out in westminster soon. steve is out to give us more detailed analysis of what to expect. let's just go back to the eurozone. as you say, thin advances here. are we capping -- it's up against the yen as well. there's obviously been a big yen story. >> yeah, i think the euro/yen has had perhaps more to do with eu euro/dollar than anything else. the euro crosses in general have been story rather than euro/dollar and euro/yen at the forefront. i think the euro/yen forecast is overplayed in what japan will ultimately deliver on. but mum is pretty good. i think you still play for a little yen weakness. i think we'll see a lot of people trying to buy yen back because i don't think we'll get delivery in all these preelection promises. >> do we all think we know what the chancellor is going to say? >> judging by the many pages being given to it in the n
won't do particularly well, but germany and italy maybe next year have a potential surprise on the upside. >> how much of a surprise? >> it will not be a fast recovery. the ecb will be forced to do more, but they'll be drald dragged into it. so things will have to get worse before they act. so i don't really think -- >> what more actions? they have a t program waiting to go. what more actions are you talking about? >> the key policy rate for the ecb is likely indeed in the first quarter. they can take dpopt deposit rate negative. by the middle of next year, they'll be doing outright qe. i've been talking about this for ages. they haven't done it so maybe they won't do it. but i'm assuming that the outlook for inflation for the eurozone is -- >> how are they going to get around -- look, i know the bundes bank has a fear of hyper inflation. i just don't -- are they going to get around all the -- because even if they do it on the inflation mandate, are they going to get around the objections about outright money printing? germans would see it as that. >> they would see it as ou
, 1.63. and bond yields higher. they got kicked higher in germany post that survey which we broke on the show, as well. as far as the currency market, dollar bit under pressure ahead of the fed. euro/dollar 130.08. we were down late friday and early monday trade, as well. dollar/yen, highs polls suggest mr. erbe will be a clear win in japan. however big will the lead be and what influence tell have on the bank of japan. dollar and yen pressured by more q.e. talk. and aussillar three-month high. the prospect of q.e. boosting commodityets. canadian doing well. firm at 1.6122. we have more on the asian trading day out of singapore. >> reporter: hi, thank you, ross. most asian markets finished on a bright note. the shanghai composite recouped morning losses in positive territory. property stocks turned higher in the afternoon. stocks also rallied while investors await beijing's detailed plan on urban development. strengthening main line blue chips pushed the hang seng to a 16-month high. developers, industrials, and gaming stocks among the top gamers today. >>> in japan the country's
this crisis very well. germany, for example, is doing much better than the united states. the employment has shrunk to the last few years. basically cause the entire crisis. we began at about 5%. we went up to 10% in vietnam at eight and a half%. does not a recovery at all. the germans a doing well. they have one of the best safety nets in europe. there provision of services for other people has not been icons of their having a hard time. the other parts of europe that are doing quite nicely as scandinavia. famous for the quality and quantity of their safety. the idea that european problems because they have the sickened at requires you not to know much . the store. having said that, the crisis is very real in your, and i would urge all of you to pay attention because europe is a very, very important player in the world. in many ways the number one player. but if you take that european market together more people and more product. that is a very important part of the world economy, as important as the american states. also the place in the world that has had more violent warfare among dismem
for germany, which is a positive and will be a good gain forward. but say order box, very weak. demand, very weak. business confidence very weak and this is going to be hitting activity indicators going forward. >> even though the manufacturing side of it disappointed, the services was stronger. while services is a big part of the economy, it's where we're trying to see the rebalancing in the german economy happen. from that point of view, probably a rather encouraging development. >> it is interesting. it's also very exportwise. what we saw on these numbers was german exports falling sharply again. and this is just signaling that global economic conditions, soft patch very weak, particularly for the region -- i'm sorry, within the eurozone itself. >> and it's consistent with the weakening global demand we're seeing out of japan and other areas this morning. but it's not necessarily -- if you look at the details of what this is telling us across the globe, frankly a point to deceleration in activities. >> and maybe the global economy will continue to expand. they will signal that china is co
, and there are schools in asia and south korea, germany, where the school is all year and germany towns out a lot of pretty neat engineers and, of course, much of asia turns out a lost great technology types and the rest, so they are getting bang for the education buck. your fear is it would not be copied here? >>guest: no. the trouble is, you have other countries. in finland, they focus on only putting the proper people to have the highest success in the classroom or potential for success in the classroom in education schools. so they don't just let anyone in a school education. >>neil: they look at promising students. you could be a late bloomer and get passed up. >>guest: that is possible. but, instead, what they are doing is scrutinizing people prior to getting into the system. what we do in america, unfortunately, according to international studies, we have students who are graduating to become teachers are in the bottom third of their graduating class. so we are putting people in choose rooms that are not equipped with skills. they do not have the ability to handle a classroom. so what we n
there's not much growth to be expected from all europe. you know, obviously core europe like germany will grow with the global economy here. but at the moment, because of the issues in japan and all the issues in the u.s., europe and particularly euro is the one to send out is the strong demand. this is something that european policies and that european companies will need to work with. >> next year, although the eurozone economy is stag nating, we do expect a recovery in the global economy to which europe corporate sector is very well levered. it's that recover in the global back drop which allows margins to rise a little bit in eurozone, gives some type line growth and overall profit growth we think of around 9%. >> standing out in 2013, the biggest uncertainty right now has to do with around the housing market in the united states. some people are increasing their belief that you're going to see growth in the housing market from, you know, previous estimates are like 1.5% to % or even 4%. that is the unknown. because as everybody knows, housing has so many secondary and tertiary e
to the economy. >> i'm wondering whether germany as we look at -- they're just above sort of recession territory at the moment. i'm wondering whether if they get better growth out of asia, that will offset the weakness that they're seeing in europe enough to keep them above the pencil line. >> what we've seen so far with today's numbers is exports are declining very sharp. they'll need asia and the u.s. to offset some of that demand weakness, but again, the biggest market for most is the euro zone. if the eurozone is performing badly, that will have a thok-on effect for those countries. >> there's a number of strategists saying after the u.s. has sort of led equities for most of the year, they're now saying europe is the place to be. from i think really the question you have to ask yourself is when cash, equities, credit, government bonds, where do you want to be. and equity in my mind mind is absolutely not. you need good growth numbers to justify the equity markets going up. now, i think there's a lot of investors looking at the yields on ghoechlt bonds or credits and that's motivating them to
when they fund german business and the rest of the eu would like to do it and germany won't. seems like a bit of a sticking point to me. >> there are lots of sticking points. first of all, who is going to be the supervisor. for the eurozone, it would be the ecb. but if the ecb is the one big gorilla on the block sitting there in all the meetings so to speak for 17 country, then all the others even if they have their own voice will be slightly sidelined because there's one big power and all the others are split up. so there was a discussion should there be a eurozone supervisor, that doesn't quite work. do we need a some rice or who works for everybody he, where should that sit. brussels, also lots of question marks. and obviously then we get to the point where all the deposit insurances lie. every country has a different scheme. so i think we're a far cry away from having anything like a european banking union. >> i would tend to agree as ever. thank you for now. we'll catch you a little later. how much of this matters? investors say if we move toward a banking union, you can't have any
indeployment of the patriot missile batteries from u.s., germany and netherlands. this would serve to be a pretty firm warning to the flailing assad regime to mess with nato member, turkey. if you talk to some of most vocal critics, though of the proposal, and that would be the russians who are in brussels at that nato meet and who were here, putin in istanbul, meeting with turkish leadership yesterday, they argue further militarizing this long border will only serve to escalate tensions. >> all right. ivan, thanks so much. ivan watson in istanbul, who is being down near that bordertown that has been the subject of shelling. moving on. before the scandal broke, many people could have seen former cia director david patreaus running for office. and now there is news that he was indeed approached. the way he was approached may surprise you. >>> also -- israel standing firm on its decision to go forward with construction of new settlements in the west bank and east jerusalem. hear what that might mean for the middle east peace process if that even exists. and when you switch from anoth
, not made in germany, not made in china, not made in the u.s. made in the world. 60% of trading manufacturers is in some -- the import content of exports at rate worldwide was 20% years ago, is 40% now and might be 60% 20 years from now. so it's a totally different world from the one many people have in mind where, you know, your country was producing country which my country was consuming and this was a sort of relationship, hands, export this, import that. in this world, the global value changes. you need to import in order to export and use your competitive advantage. so it's a different pattern and i think this has consequences which most governments have, i think, not yet really realized, which is why we've launched this initiative together with the oecd to sort of measure trading at a value and we will probably be unveiling the first batch of trade in value added numbers mid january. our statistical missions are working extremely hard. these guys won't have a great christmas break, but i think that will look very, very, very difference from what we have today. >> just in t
of the most successful year over year appreciations of any developed country's equity markets? >> germany. >> bingo. i think of their own currency it's up like 30%. let's keep going. >> okay. so germany has been the engine of european growth. if germany slows down, the dynamic in europe is going to change dramatically. if this euro/yen goes through let's say 120, 125, 130 which is what they're pushing for, the german auto sector which has made great inroads against the japanese because the euro/yen as the japanese have held the yen has been over valued that is going to change the whole european dynamic. a slowing germany will become a wild card. that's my call for the biggest wild card in 2013. >> i tell you what. you have to go nose to nose with a country on the foreign exchange front, i think the japanese are going to be well matched with the mentality of what is going on in germany. listen, merry christmas. i know hannukah is over and you had a great hannukah. >> thank you. >> best holiday wishes to all the viewership from two old time traders. back to you. >> two of the best that is.
of gains. big winner? germany's index at levels not seen in five years. investor sentiment in the country rose more than expected. the five year chart, and as you can see, best thing, getting close to the five year level. david: gold coins flying off the shelf, you read about that, trading in spot gold is not following suit. it is down today, a little bit, but when you think of all the progress made by the gold coin sellers, you'd think that would have a pop on the overall price of gold, but not so. liz: under the radar technology etfs that out performed. internet index fund, moving higher, top holdings, google, amazon, and ebay, and the tech fund, ign, top holdings here, you may own them, cisco, qualcom, a gain of more than one point. david: more than a stock market, there's a lot of things today, very interesting lineup of guests, big labor, obviously, about to take a devastating blow in michigan, on the verge of becoming a right-to-work state. the man poised to make it happen, putting pen to paper signing the bill into law. governor rick snider. he's going to be joining us live from th
there really divergent from the rest of europe. germany up on the right, a good gain up over 1%, the italian market falls by 1%. silvio berlusconi is back in italian politics proving he still runs his party and withdrawing support from mario monti. this may lead to midterm elections because monti is market friendly you might not end up with a market friendly solution. we thought we'd have elections march/april, there's the prospect it could be a snap election much earlier perhaps in the new year. now the good news is there isn't a huge amount of blowout on the bonds at the short end of the italian markets. the yields are higher but not huge relative to where we've been but on the ten-year italian market you can see we're slightly higher but no great shakes overall. it means the rally in the peripheral bond market we've witnessed in italy and spain has now stalled at this stage. remember we had the auction in spain yesterday and the yields are slightly higher relative to where we've been, they're still relatively depressed. we talk about the problems in europe, i thought it was worth pointing
call. asia was up 13. europe was up 12. adding employees to europe, france, germany, very strong. similar to what bill mcdermott has been saying. we are all so doom and gloom about europe, ellison's talking about it's a bright spot. >> what about germany today, up again for december, as we mentioned at the top of the show, above $1.33 a day. something's going on there. the big upgrade on greece. that's kind of strange, right? >> up four or five notches. >> i have to stand up for a second. $8. >> is it finally time? >> i want to click my heels, but these are soft reeboks. you wouldn't hear it. >> are we going to see that, finally, at last? >> the way people were coming on and saying it's going to zero. >> running for the exit. >> when was the euro dissolved and greece kicked out? what was the date? >> it happened just in reverse. >> it was overnight. >> we'll see. i can't believe 2013 will not hold a couple of moments where we go, ah. but it is amazing. nothing we can do. >> we're afraid spain is going to come -- spain was supposed to come to market. italy, oh, my, what happens wh
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. and in germany, merkel is not ruling out the possibility of notifying greece some of its debt once athens finances are in better shape. angela merkel told a german tabloid that the question of the so-called haircut can be revisited. in the past, merkel's government had ruled out forgiving any debt. >> in corporate new, ubs is reportedly close to a settlement. the "new york times" says the swiss bank is expected to pay horn $450 million over claims that some of its employees submitted false libor rates. that's pretty huge story and we will take a look and ten to see what happens with this. also morgan stanley trader is under investigation by cme regulators over trades and treasury futures four years ago. at the time he was employed by goldman sachs. he's now head of global interest rates products at morgan stanley. the probe is aimed at establishing whether hadden's late trades hat manipulate closing prices and made other trades more profitable. also singapore airline says that it is in talks with interested parties to sell its 49% stake in virgin atlantic. delta is reportedly among the po
. greece unveiling that $10 billion eurobond buyback. a 52-week high in france and germany. our road map this morning begins in washington where fiscal cliff negotiations according to the "times" has "collapsed." at least for now. with less than a month until the deadline, who blinks first if anyone? >> goldman takes dell from a strength to a buy. is it time to look at the stock and maybe even other players in the beat up personal computer sector? >> manufacturing data out of china. not bad. 50.6. that's the highest in seven months. although shanghai again trades lower even europe's pmi improves a touch in november. first up, we're one month away from the fiscal cliff and so far the white house and congressional republicans are still in disagreement over how to reduce the deficit and avoid a raft of tax hikes and spending cuts. yesterday our own jim cramer and maria bartiromo were on "meet the press" and cramer had a message for fellow panelists and father of the anti-tax pledge, grover norquist. >> most ceos are republican. they're on board. they're not on board with you. they're not on
you see what's been going on in germany? they came out and acknowledged there was a possibility of a recession early next year in germany. that's a real concern right now after germany has a new 52-week high in stocks. you'll have strong headwinds in december and january for the german market. they are talking about growth of 0.4% next year for germany gdp. it was 1.6%, guys, just six months ago. that's a pretty severe downgrade. back to you. >> wae'll see you later. as we said earlier this morning, u.s. job growth picked up in november with nonfarm payroll increasing and unemployment rate falling to 7.7%. the lowest level since december 2008. joining us from the white house this morning for our first on cnbc interview is alan krueger, chairman of the council of economic advisers. good morning. >> good morning. >> as residents of the northeastern united states, a lot of us are still trying to get our heads around the idea that sandy didn't affect these numbers at all. are we almost certain to get some major revisions next month? >> the bureau of labor statistics reported that th
growth pick up in the united states and britain. the agency is expecting weak growth ahead for germany and france. >>> pay for presidents of private colleges rose from the year prior. the president of the new school is the highest paid in the country. that is right here in new york city at more than $3 million. >>> national hockey league is canceling its regular season through december 30th, i know, due to lack of collective bargaining agreement. 526 games, more than 40% of the season has been canceled. that unfortunately is that [buzzer] that is end of today's speed read. liz: it is disgusting. it is horrifying. we don't seem to be any closer to a resolution on the fiscal cliff even though many are warning that the economy could face dire consequences if there is no agreement but one strategist says, why are you worrying about december 31st? that deadline isn't even the real fiscal cliff. david: that strategist is none other than peter schiff, ceo of europacific precious metals. friend of the show. peter, although i wish it was under better circumstances. you say the real cliff coming
at this hour, there they, they're all down. not great in france, but germany down about .7% and the ftse down fractionally. other news out of europe, debt tieback for from an day to receive additional buyback offers. those would be at deeply discounted prices and that would help lower the country's debt lead. >>> in asia, stocks touched a 16-month high and closed mostly higher on the session with good gains, as you can see, with the kospi up the most, 1.5 points. >> strong nebs out of china which suggest maybe the economy is rebounding more than expected. >> the exports. >> yeah. >> among the catalyst in asia trading today, economic stats out of china. export growths slowed sharply to 2.9% in december. that news j underscores the global headwinds dragging on the economy. but the chinese economy is showing solid signs of a pick up in domestic activity. industrial output was stronger than expected. the country has been saying for years it needs to shift a little bit from the export model the internal consumption. let their middle class grow and not be nearly as dependent on exports. and china's
. so we feel very good about france. ditto germany. >> isn't that incredible. >> rick, 52-week high when compared to avon. incredible. thank you so much for joining us. >> good to be here. >> good to see you. >> all right. stay tuned. sfx- "sounds of african drum and flute" look who's back. again? it's embarrassing it's embarrassing! we can see you carl. we can totally see you. come on you're better than this...all that prowling around. yeah, you're the king of the jungle. have you thought about going vegan carl? hahaha!! you know folks who save hundreds of dollars by switching to geico sure are happy. how happy are they jimmy? happier than antelope with night-vision goggles. nice! get happy. get geico. >>> trip adviser and deutsche bank. >> deutsche bank likes this company. people love it. trip adviser is king. >> deutsche buying a hold on apache. >> apache has been such a dog. bad for apache. >> an a darko? >> ever since the daily, and other litigation, this is an inexpensive stock. i-like it. >> deutsche on omc. >> what's interesting, they're talking about negative momentum in ad
%. another .3% after the ifo out of germany. came in better than expected. again, a good sign for growth. not necessarily, though, for those who would like to see a weaker europe. the ibex 35 adding 1.3%. and the nikkei, as you mentioned, up above 10,000 for the first time in eight months. adding 2.4%. better hope the moves in the japanese government or bank of japan pan out. we'll get the bank of japan's decision tomorrow. but this comes on the day when, remember, it's on the weakening of the yen which we can show you on hopes that that will help the japanese corporate sector. remember, we saw export figures showing a drop of 20% in exports to the use. 15% to china. again, there's a lot of expectation built to this. the aussie/dollar remains the underperformer as we continue to evaluate china's internal rebalancing. now the sterling is stronger, the dollar/yen you already mentioned. and the euro/dollar to get back to the point about the ifo survey is adding .3% to 132.-- 1.3274. we get a rally in the euro. our guest this morning suggested it will be the 150 to 160 range before that beco
close to an 8 1/2-month high. germany at a 52-week high. the euro at a 7 1/2-month high. things are still moving. china, big debate on the trough here. this is the debate the last two months here. goldman sachs upped its fourth quarter gdp estimates, 7.8% now instead of 7.6%. look, nobody's thinking china's going to go back to 10% or 12%. that's over. 8, 8 1/2, somewhere around there. there is good evidence now that q-4 might be the trough for china. this has been a big debate. a lot of people saying it's going to be weaker in 2013. real estate prices are improving. electricity consumption improving a little bit. industrial production, all of them looking better in the last couple of months. i think that's generally a positive. the one big thing i want to point out, if you watch what's going on in japan, we've got a new prime minister who's coming in who's putting intense pressure on the bank of japan, essentially trying to break their independence essentially. he's told them they've got to increase their inflation target from 1% to at least 2%, and told they have to start massi
, her son raymond was killed in the korean war while a third son served in west germany in the same war. no mother should have to lose two sons to war. but her family's sacrifice will forever be part of history and i ask that we pass this bill with no reservation. i reserve the balance of my time. the speaker pro tempore: the gentlelady reserves. the gentleman from texas is recognized. mr. farenthold: thank you, mr. speaker. at this time i yield such time as he may consume to my distinguished colleague from the state of michigan, mr. benishek. the speaker pro tempore: the gentleman is recognize. mr. benishek: i come to the floor today to urge my colleagues to support my legislation, h.r. 4378, a bill to name the post office building in munising, michigan, after the late mrs. elizabeth kinnunen. her story is that like many across this nation, she came to america as an immigrant to to have a better life. she came to the united states in 1903 and married oscar in 1909. they had seven children and worked hard all their life to ensure their children would have a shot at the american dream. t
protect their own ground forces? is there something about germany and italy and france and spain and england and japan that renders them genetically incapable of having their own air forces? i know we were told, well, we have to stay in iraq and afghanistan because they don't have any air force. well, neither do the people attacking them. the next thing we are told is, well, we need to protect the u.s. from a nuclear attack. i agree. we have a nuclear capacity that far exceeds any potential combination of enemies. we had during the height of the cold war the triad. we could destroy the soviet union and they had a capacity to go after us by missiles, submarines or the strategic air command. i have a proposal, sometimes i'm kidding, this time i'm not. can we not go to the pentagon and say, you know what? now that there is no more soviet union, there is a much weaker russia, and i agree, russia won a war against georgia. they won a war against the country of georgia. i think the way we have armed the state of georgia, i'm not sure what the outcome would be if that was the war. but r
to germany, regulators are set to hold off on a probe into the deutsche bank. they have no plan to investigate carbon dioxide certificates. patricia has this story for us. deutsche bank is going to avoid charges on that one? >> that's something we cannot say for certain, but i'm quoting sources in the "wall street journal." at the moment, they do not seem to have a closer look at the wrong doings or right doings. but here, the public prosecutors had that big raid last wednesday. but one thing for sure, it seems that last night in a speech mr. fitch was very much eating humble pie, almost being apologetic about the culture especially during the financial crisis or let's say during the run up to the financial crisis. he's talking about reform, the cue of deutsche bank going forward in a way trying to plead for more information. however, my question is, if you have management that has been with the bank for so many years like fitch himself and like andrew jane himself, it is difficult to convince anybody that all of a sudden culture is to change. if you look at seeman aes couple of
. they were competing at the time against a bid from germany's deutsche bores. both of those offers ran up against tremendous scrutiny for u.s. and eu regulators. the euro nyse shares shot up 20%. >> how republicans plan to bring their tax bill to a vote today as tensions over fiscal cliff rise. it's still unclear what the plan b will look like. president obama says he will veto the bill, which has raced tax rates for people making more than $1 million a year. the president says he's puzzled by what's holding up talks and that house republicans should, quote, stop trying to score a point against hem. >> take the deal. you know, they will be able to claim that they have worked with me over the last two years to reduce the deficit more than any other deaf sigz reduction package, that we will have stabilized it for ten years. that is a significant achievement for them. she should be proud of it. but they continue to find ways to say no as opposed to saying yes. >> minority leader mitch mcconnell says there's still time to reach a deal by the end of the week. >> dan joins us now. dan, mitch mc
for the common memory of communist occupation. >> more with an applebaum in germany.soviet eastern m -- anne applebaum. that is a big night at 8:00 on c-span "q&a." >> now, latino leaders discuss issues that may impact of latino generation. panelists include former white house advisor to latin -- latin america, executive director of the latino partnership for conservative principles, and arizona state university professor rodolfo espinoza. this event is two hours. >> good morning. we will go ahead and get started. welcome to the wilson center. this is, as you well know, a place where public policy and a research me to bring together the world of ideas with your world a policy action. very happy to have our director of the latin-american program. and of course, very pleased that this is an event we are co- sponsoring with immigration works that did most of the work for this. the president of emigration works really put the panel together, as well as very proud to co-concert arizona university. i want to acknowledge a senior scholar at the woodrow wilson center. and many other good friends her
long distance transportation options. we need to catch up to germany, france and japan. just heard this morning that japan is celebrating their 50th anniversary of their bullet train. we cannot allow china to surpass us in our next generation of infrastructure. tourists from across the world will visit our high-spieled rail to marvel at our engineering and technological prowess. this is not just about transportation, but about changing the revitalization along the cities and routes. in conclusion, it's clear that i support the high-speed rail in california. the federal program will help make it possible. what we need now is vision, what we need now is leadership, what we need now is a belief that the people of california and this country want us to invest in this type of transportation option. thank you, mr. chairman. i yield back my time. >> thank you. i thank you both the members for joining us, and you're welcome now to join us be you'd like and stay for questions. we'll excuse you at this time as we bring secretary lahood up who's our next witness. our second panel, because thi
of national security have to be looked at, whether the investment comes from france, germany, israel or china. there is a specific committee that reviews that. the committee on foreign investment in the united states. after the billions and billions of dollars, hundreds of billions of dollars of foreign direct investment coming in involving thousands of transactions. only a hundred each year are reviewed by the united states government and only six or seven of those involve chinese companies announce a hundred the united states government reviews, out of thousands of transactions, only six or 7% are ever modified because of national security reasons. so the vast majority investment in the united states is not problematic to me very much welcome that. in fact, we at the mcg assisted a huge ambassadors for on investment into the united states and which are invited about 80 of the top chinese companies and entrepreneurs and investors have china. we actually had about 24 different states of america making presentations, showcased in the whole list of projects and opportunities for investments for
since world war ii? i mean, i don't think germany's going to invade france any time soon or russia's going to invade poland. but yet we have a huge amount of deployed american forces in europe. i mean, maybe we need to have a discussion about whether or not we need that. whether or not we can afford that expense. whether or not that does anything to enhance our security. again, i want a military that is the best in the world, i want it to continue to be that way, i want it to be second to none. i want to make sure we have all that we need but i don't want to be investing in things we don't need. and when the joint chiefs of staff and when the secretary of defense and all the experts tell us that they don't need something and we here appropriate money to keep something going that is unnecessary, that is unwanted, at the same time while you're trying to cut the benefits of some poor old lady, her social security, there's something wrong with this equation. we got to start thinking about the security of people here in this country as well. and what we're going to do right after this i
powerhouse germany found its slelf slowing down. the root cause of it all was the inability of the european governments to come to policies to get growth started again. towards the middle and end of the year they did, but the tale was style there. very much austerity again and again. perhaps if there was only one change that took place as we moved into the fall and into the winter. it was the realization that most of these countries could take no more austerity. social welfare having been cut, health care cut, unemployment, growth virtually nonexistent. now the talk is not of more austerity, but how to get growth started again across the contine continent. suzanne. >> thank you, richard. >>> christmas, of course, is a time of giving, but there are many struggling families in boston that couldn't aafford to get their children he anything. this year for almost six decades help kamt not in santa's sleigh but in a big, brown box. santa. i'm writing for your help. >> as with other americans, the economy is tough and times are very difficult financially. >> it's hard being homeless with nowhere i
from germany and the austerity inspired by angela merkel. in particular, he is drawing attention to this. which is the spread of the extra that investors demand to hold italian bonds over german bonds. i've shown this to you a couple times. over the last year it's been a mainstay of a lot of the italian business broadcasts internally. they say our bonds are currently trading so many basis points above the germans on their hourly bulletins. that was one of the reasons why at the height of it berlusconi was kicked out of power. he's saying now this is a total calm. italians essentially should ignore it. he said the spread is a con. back to you, carl. >> he is back. silvio is back. >>> as we head into the final fomc meeting of 2012 fed policymakers have traders on edge. want to get to rick santelli on that in chicago. >> i'm on edge, all right. let's do a summary before i bring my guest and friend art nolan in. december 5th you have a 2.86 trillion fed balance sheet. you have 1.65 trillion of treasuries within that. you have 884 billion of mortgage-backed securities. of course, you
roosevelt allowed japanese americans to enlist in the fight against nazi germany, inouye and thousands of young men answered the call. he burned with desire to defend the nation that had told him and people of his background -- quote -- "you may not serve." a nation that still held thousands of japanese americans behind barbed wire fences. and when he left hawaii for the army, his father told him this country has been good to us. whatever you do, do not dishonor this country. danny on more than one occasion told stories about his army training in mississippi, about the racial segregation that he saw. and he told the story of how after he returned from world war ii, he stopped in california on the way home to hawaii, just stopped to get a haircut and was told we don't serve johanns here. -- serve japs here. he stood there in full dress uniform, his chest covered in medals, a hook in place of the arm blown apart by a german rifle dpren aid, even -- grenade, even then he had to confront hatred. there is so much that is remarkable about the life of dan inouye. the story of his service on t
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